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India housing sales hit new peak in Q2 2023
Over 115,000 units sold in top seven cities
A motorcyclist rides past residential buildings in Palava City on the outskirts of Mumbai. The Mumbai Metropolitan region (MMR) and Pune accounted for over 51 per cent of the total sales in the top seven cities. – KT file
The bull run in the Indian housing market continued in the second quarter of the year, despite spiralling home loan rates and global economic headwinds including layoffs by several large and small corporates, data showed on Wednesday.
Quarterly housing sales are at an all-time high with approx. 115,100 units sold in Q2 2023 across the top seven cities, reveals latest Anarock Research data. This is a 36 per cent yearly rise as against approximately 84,940 units sold back in Q2 2022.
The Mumbai Metropolitan region (MMR) and Pune accounted for over 51 per cent of the total sales in the top seven cities, with Pune witnessing the highest 65 per cent yearly jump. As many as 58,770 units were sold altogether in these cities.
Meanwhile, new launches across the top seven cities once again breached the one lakh mark and witnessed 25 per cent yearly rise – from 82,150 units in Q2 2022 to over 1,02,610 units in Q2 2023. Interestingly, MMR and Pune again saw the maximum new supply, accounting for 63 per cent of the total new launches across the top 7 cities. Individually, the two cities saw 31 per cent and 29 per cent yearly increase in their new supply, respectively.
Anuj Puri, Chairman – Anarock Group
Anuj Puri, Chairman – Anarock Group, said: “The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top seven cities broke the previous high record of Q1 2023 and stood more than 115,000 units in Q2 2023. Pune and MMR were the only two cities to see quarterly rise in housing sales – of 4 per cent and 10 per cent respectively while other cities saw some dip. But on yearly basis, most top 7 cities saw significant jump in housing sales.”
The top seven cities recorded new launches of around 102,610 units in Q2 2023 against 82,150 units in Q2 2022, increasing by 25 per cent over the previous year’s corresponding period. The key cities contributing to new launches in Q2 2023 included MMR, Hyderabad, Pune, and Bengaluru, together accounting for 84 per cent supply addition.
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